A diverse workforce is an innovative workforce
Today's business world, where diversity encourages creativity and innovation, from gender diversity to culture, age and race, can be shown among the most pressing issues. Today, the agenda of all companies operating on a global scale includes prioritizing and aiming to benefit from a diverse and inclusive working environment. Men and women have different experiences and backgrounds that shape their approach to business. With these features, challenging each other and collaborating with like-minded people can nurture creativity and foster innovative ideas that drive organizations forward.
Women excel in the social skills needed for business Leadership
As technical skills and knowledge are indispensable for career success, another important feature sought in CEOs is strong social skills. While traits like effective communication, empathy, and self-awareness are difficult to measure, they are highly valuable and can ultimately make a real difference, from business results to human relationships. Harvard Business Review shared the results of his research called Measuring Character Return (1) in its April 2015 issue. Recent research has established a link between strength of character and job performance; CEOs who rank high in traits such as compassion and integrity also achieve a 9.35% return on assets over a two-year period.
It is suggested that soft skills and emotional intelligence can provide a significant competitive advantage for women in the business world. A study (2) published in 2016 by global consulting firm Hay Group found that women outperformed men on 11 of 12 core emotional intelligence competencies. These competencies included emotional self-awareness, empathy, conflict management, adaptability and teamwork, all of the key skills required for effective leadership in the workplace.
Women represent a tremendous economic power and offer important consumer insights
According to the information in the article Women's Economy (3) in the September 2009 Harvard Business Review, women are estimated to contribute more than $20 trillion to consumer spending each year, a growth market larger than China and India combined. Women also account for 85% of consumer purchases.
However, only 11% of creative directors in the advertising industry are women; this rate was only 3% in 2008. When Boston Consulting Group conducts extensive research on the “women's economy,” it is not surprising that they think women are undervalued and underserved by the market. Given the power of the female consumer, it is clear that women are in the best position to take advantage of this opportunity and bring valuable consumer insights to the table.
Leveraging the insights offered by both men and women can make products and services more marketable and a business more profitable. In fact, recent research by McKinsey (4) shows that gender-diverse businesses are 15% more likely to outperform the industry median financially.
Sources:
(1) https://hbr.org/2015/04/measuring-the-return-on-character
(2) https://www.kornferry.com/about-us//press/new-research-shows-women-are-better-at-using-soft-skills-crucial-for-effective-leadership/
(3) https://hbr.org/2009/09/the-female-economy
(4) https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/why-diversity-matters